Budget 2016: Businesses gain extra time in accelerated CT payments

Budget 2016: Businesses gain extra time in accelerated CT payments

The acceleration of corporate tax payments deferred until 2017

THE GOVERNMENT has deferred the point at which corporate tax payments will be accelerated in today’s Budget.

It had previously been announced that the government was accelerating payments of corporation tax from businesses than generate more than £20m in profits per year. This measure was expected to be introduced in 2017.

However in the latest budget Osborne announced a deferral on implementation to accounting periods starting on or after 1 April 2019, with the government stating that it “will have a broadly neutral impact on the public finances over the scorecard period”.

Kevin Hindley, managing director at Alvarez & Marsal Taxand UK, commented: “This is a welcome measure that will benefit many of our multinational clients.”

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource